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CEO of Bryon, Simon Cope, said: “Byron’s core restaurant business and brand remain strong but the market that we operate in has changed profoundly. In order to continue serving our loyal customer base, we need to make some critical and difficult changes to the size and shape of our estate.

“With the support of our new owners,our creditors, landlords and other business partners, I’m confident Byron will able to continue providing our consumers with the best burger experience.

“The teams in our restaurants are always such an inspiration and we will work hard to support them throughout this difficult process.”

Will Wright, restructuring partner at KPMG, which will carry out the proposed company voluntary arrangement (CVA), said: "Over the last 10 years, Byron has grown to become a stand-out name within the UK's casual dining sector.

"However, in recent times, certain parts of its portfolio have not met expectations, and with gathering economic headwinds starting to impact the sector more profoundly, the directors embarked upon a strategic review of the business as a means of safeguarding its long-term future."

Mr Wright added: "As part of this strategic review, the directors have been successful in negotiating a financial restructuring with the company's lenders and shareholders, which will enable new investment to come into the business.

"Completion of this financial restructuring is conditional on the approval of today's CVA proposal, which is designed to tackle the cost of the company's leasehold obligations across its UK restaurant portfolio.

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"As with similar CVAs, this arrangement seeks to strike a balance which provides a fair compromise to landlords, while allowing the viable part of the business to move forward across a smaller, more profitable core estate."